SmartMultipleOptions review – 5 things you should know about smartmultipleoptions.com

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Beware! SmartMultipleOptions is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

SmartMultipleOptions is a shady offshore broker – and if you intend to trade with the company, you might be in for severe losses. So, please read the following review first:

SmartMultipleOptions regulation and safety of funds

SmartMultipleOptions is unregulated – the company does not claim to be either, which is quite concerning. What’s more, it does provide us with a fake address, which you can see below:

The States are quite heavily regulated, with the market overseers there being the NFA and the CFTC – both bodies are tasked with weeding out scammers. To achieve that, they have created a strict set of rules – for example, all brokers licensed by the regulators need to report on a daily basis on open and closed trades to prevent any kind of market manipulation from taking place. The regulators also maintain an online database where one can easily see if a broker is authorized to deal in the States – we did just that for SmartMultipleOptions and, unsurprisingly, got the following result:

So, the broker is not licensed to deal in the States – therefore, it is impossible for it to have an office there. But, what’s more, you cannot expect it to be able to guarantee the same level of transparency and fund safety as a licensed broker – so, if you wish to trade safely and profitably, you would be far better off checking one of these NFA-regulated brokers instead.

SmartMultipleOptions tradign software

SmartMultipleOptions provides a very incoherent online trading platform, which does not even hold a candle to Metatrader 5 – however, it does not have CFD trading available at all – the broker only deals in binary options:

Here is the platform. It is curious that the broker has a leverage button that allows you to use amounts of up to 1:1000 – but the expected profit does not go up or down as you adjust it. What’s more, no spread is shown and there is a drop-down menu where you can select the expiry time of the deal – all features of a binary options broker.

We think that SmartMultipleOptions has just put together what looks like a legitimate trading platform to it – but a closer look makes it obvious that the software is simply incoherent. In the best case scenario, the platform allows for binary option trading – but at the worst case, no trading is actually possible and the broker completely makes up the outcome of your trades.

SmartMultipleOptions deposit and withdrawal methods and fees

SmartMultipleOptions is a company that only accepts payments though Bitcoin, PerfectMoney and wire transfers – getting a chargeback from these payment provides is not possible. We advise caution before you deposit using them.

As for withdrawals, we only know that SmartMultipleOptions has fees associated with them – but the broker never goes into sufficient details on how big these fees are. We expect them to be quite hefty, given how shady SmartMultipleOptions is.

How does the scam work?

So, SmartMultipleOptions is a scam – that should be obvious by now. What’s more, the broker is following a very common scam model – it starts when a would-be victim stumbles upon an ad, promising them incredible returns on investments. They are then taken to a website much like SmartMultipleOptions’ where they are prompted to make an account, leaving their contact information there. Once they leave a phone number, the scammers will start barraging them with calls – demanding one thing and one thing alone. Scammers are after your deposits and they will squeeze as many out of you as they can – and once you realize you are being conned and stop depositing or request a withdrawal, the scammers will drop you and disappear.

What to do when scammed?

When scammed, there are some steps you can take to limit further losses – we have outlined them below, and the order in which you should take them:

First off, you need to immediately delete all software the scammers had you install – they often use Team Viewer or other desktop sharing software to snoop around people’s PCs without permission. You also need to get new IDs, credit cards – scammers will certainly try and misuse the ones you have provided them access to.

The next thing you would want to do is see if you can get some of your money back – you can do that by contacting your bank and explaining your predicament to them. Watch out for fake recovery agencies, however – you might get contacted by them and they will demand upfront payment for their services. These agencies are simply another scam – they will just take your money!

Finally, there is nothing to be ashamed of if you have fallen for a scam – it can happen to anyone and the only way to stop the scam is by making the general public aware of it. So do not hesitate to tell your story in the comments below!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-20

Reviewed Broker

SmartMultipleOptions

Broker Rating

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